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Please read the important information below before continuing to our website.  

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THIS WEBSITE IS AIMED AT PROFESSIONAL INVESTORS IN THE NETHERLANDS

This website is published by Lyxor International Asset Management (LIAM), a French asset management company approved by the Autorité des Marchés Financiers (the French Financial Markets Authority) (AMF) (17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives. LIAM is registered in the Netherlands in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS.

The website is hosted on Microsoft Azure servers.

This website is subject to French and Dutch law.

 

A professional investor is a professional investor (professionele belegger) within the meaning of the Act on the Financial Supervision (Wet op het financieel toezicht) (AFS).

A professional investor within the meaning of the AFS is one of the following:

  • a bank
  • a collective investment scheme (UCITS or AIF) and a management company of such scheme
  • a pension fund and management company of such fund
  • an investment firm
  • a national or regional governments, public bodies, central bank, international or supranational financial organisation or other type of international organisation
  • a market maker
  • a local: party trading only for its own account or providing quotes for trades in derivatives
  • an insurance company
  • a financial institution
  • commodity and commodity derivatives dealers
  • institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions
  • large undertakings meeting two of the following size requirements on a company basis (a) balance sheet total of EUR 20,000,000, (b) net turnover of EUR 40,000,000 and (c) own funds of € 2,000,000

 

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can be classified as a professional investor within the meaning of the AFS then you should seek independent advice.

 

Marketing Restrictions and Implications

 

Lyxor UCITS compliant Exchange Traded Funds (Lyxor UCITS ETFs) referred to on this website are open ended mutual investment funds (i) established under the French law and approved by the Autorité des Marchés Financiers (the French Financial Markets Authority), or (ii) established under the Luxembourg law and approved by the Commission de Surveillance du Secteur Financier (the Luxembourg Financial Supervisory Committee). Most, if not all, of the protections provided by the Dutch regulatory system generally and for funds authorised in the Netherlands do not apply to these exchange traded funds (ETFs). In particular, investors should note that holdings in this product will not be covered by the provisions of the UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by any similar scheme.

 

This website is exclusively intended for persons who are not "US persons", as such term is defined in Regulation S or the US Securities Act 1933, as amended, and who are not physically present in the US. This website does not constitute an offer or an invitation to purchase any securities in the United States or in any other jurisdiction in which such offer or invitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. Potential users of this website are requested to inform themselves about and to observe any such restrictions.

 

Index Replication Process

 

Lyxor UCITS ETFs follow both physical and synthetic index replication process.

 

However, most Lyxor UCITS ETFs follow synthetic replication process. This consists of entering into a derivative transaction (a ‘Performance Swap’, as defined below) with a counterparty that provides complete and effective exposure to its benchmark index. Lyxor has adopted this methodology in order to minimise tracking error, optimise transaction costs and reduce operational risks.

 

A Performance Swap is a contractual agreement which is negotiated over-the-counter (OTC) between two parties: the Lyxor UCITS ETF and its counterparty. From a risk perspective, each Performance Swap ranks equally with other senior unsecured obligations of the counterparty, such as common bonds (i.e., same rights to payments). In the Performance Swap, the counterparty of the Lyxor UCITS ETF commits to pay the Lyxor UCITS ETF a variable return based on a pre-determined benchmark index, instead of a fixed stream of income (as in bonds). At the same time, the counterparty will receive from the Lyxor UCITS ETF the performance and any related revenues generated by the basket's assets (excluding the value of the Performance Swap) held by the Lyxor UCITS ETF. Information provided on individual ETFs includes data on the basket relating to the ETF and the percentage value of the basket represented by each asset. The information is relevant to the closing values on the date given. 

 

Investment Risks

 

The Lyxor UCITS ETFs described on this website are not suitable for everyone. Investors' capital is at risk. Investors should not deal in this product unless they understand, having obtained independent professional advice where necessary, its nature, terms and conditions, and the extent of their exposure to risk. The value of the product can go down as well as up and can be subject to volatility due to factors such as price changes in the underlying instrument and interest rates. If a fund is quoted in a different currency to the index, currency risks exist.

 

Prior to any investment in any Lyxor UCITS ETF, you should make your own appraisal of the risks from a financial, legal and tax perspective, without relying exclusively on the information provided by us. We recommend that you consult your own independent professional advisors (including legal, tax, financial or accounting advisors, as appropriate).

 

Specific Risks

 

·         Capital at Risk. ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Benchmark Index. Investors’ capital is fully at risk and investors may not get back the amount originally invested. Investments are not covered by the provisions of the UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by any similar scheme.

·         Counterparty Risk. Investors may be exposed to risks resulting from the use of an OTC Swap with Societe Generale. Physical ETFs may have Counterparty Risk resulting from the use of a Securities Lending Programme.

·         Currency Risk. ETFs may be exposed to currency risk if the ETF or Benchmark Index holdings are denominated in a currency different to that of the Benchmark Index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

·         Replication Risk. ETFs are designed to replicate the performance of the Benchmark Index. Unexpected events relating to the constituents of the Benchmark Index may impact the Index provider’s ability to calculate the Benchmark Index, which may affect the ETF’s ability to replicate the Benchmark Index efficiently. This may create Tracking Error in the ETF.

·         Underlying Risk. The Benchmark Index of a Lyxor ETF may be complex and volatile. When investing in commodities, the Benchmark Index is calculated with reference to commodity futures contracts which can expose investors to risks related to the cost of carry and transportation. ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks.

·         Liquidity Risk. On-exchange liquidity may be limited as a result of a suspension in the underlying market represented by the Benchmark Index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, Societe Generale or other Market Maker systems; or an abnormal trading situation or event. 

The securities can be neither offered in nor transferred to the United States.

 

Tax

 

Any statement in relation to tax, where made, is generic and non-exhaustive and is based on our understanding of the laws and practice in force as of the date of this document and is subject to any changes in law and practice and the interpretation and application thereof, which changes could be made with retroactive effect. Any such statement must not be construed as tax advice and must not be relied upon. The tax treatment of investments will, inter alia, depend on an individual’s circumstances. Investors must consult with an appropriate professional tax adviser to ascertain for themselves the taxation consequences of acquiring, holding and/or disposing of any investments mentioned on this website. 

Further information on the risk factors are available in the [Risk Warning – link to risk page] section of the website.

 

Any fund prospectus and supplements are available at www.lyxoretf.nl. Information given about the past performance of the funds is no guarantee of future performance. No investment decision should be taken without reading the fund prospectus and any fund supplement of the fund concerned.

 

Although the content of the website is based upon information that LIAM consider reliable or comes from sources that LIAM consider reliable, LIAM have not verified such information. Lyxor make no representation or warranty as to the accuracy, completeness or adequacy of any information.  Any reproduction, disclosure or dissemination of the materials available on the website is prohibited.

 

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Alpha/Beta Allocator: US Equities

Why pay more for less?

The industry

AUM & flows

Active

Passive

“The data is clear – passive is now the default choice”

Marlène Hassine Konqui,Head of ETF Research

AUM & flows

The active managers

Performance vs. benchmarks

Europe is one of the best regional destinations for alpha seekers...

AUM & flows

...but very few managers beat the conventional broad benchmarks in the US whether over the short,or long, term.*

YTD

2017

10 year average

Hit: when YTD results are >50% or >10yr figure

Miss: when YTD results are <33% or <10yr figure

charts

The costs

How active & passive compare

The typical active equity fund is c.4x more expensive than the typical ETF – why pay more for less?

Why Lyxor for US equities?

14 routes

into US equities

14+ routes

Lowest cost

core US equity exposures in Europe

0.04%

Best performing:

S&P 500 ETF 

Most efficient

Oldest:

NASDAQ 100 & DJIA ETFs

Oldest

Source: Lyxor International Asset Management.Performance Data over 5 years as at 23/04/2018. All other statements, including costs refer to European ETF market and were correct as at 5 July 2018. Past performance is no guide to future returns.

*Source: Morningstar and Bloomberg data from 31/12/2007 to 29/06/2018. 10 yr data as at 31/12/2017 50% and 33% represent the best and worst results after we divided the universe we cover into 3 sub-groups. Between those limits, “hits” and “misses” are set comparing the current quarter’s result vs. the long-term averages.Performance data calculated to end August 2018 vs. top 5 ETFs on this index.
Past performance is no guide to future returns.

lyxor etf logo

Conflicts of interest

This research contains the views, opinions andrecommendations of Lyxor International Asset Management(“LIAM”) Cross Asset and ETF research analysts and/orstrategists. To the extent that this research contains tradeideas based on macro views of economic market conditionsor relative value, it may differ from the fundamental CrossAsset and ETF Research opinions and recommendationscontained in Cross Asset and ETF Research sector orcompany research reports and from the views and opinionsof other departments of LIAM and its affiliates. LyxorCross Asset and ETF research analysts and/or strategistsroutinely consult with LIAM sales and portfolio management

personnel regarding market information including, but notlimited to, pricing, spread levels and trading activity ofETFs tracking equity, fixed income and commodity indices.Trading desks may trade, or have traded, as principal onthe basis of the research analyst(s) views and reports. Lyxorhas mandatory research policies and procedures that arereasonably designed to (i) ensure that purported facts inresearch reports are based on reliable information and (ii)to prevent improper selective or tiered dissemination ofresearch reports. In addition, research analysts receivecompensation based, in part, on the quality and accuracyof their analysis, client feedback, competitive factors andLIAM’s total revenues including revenues from managementfees and investment advisory fees and distribution fees.

It is important for potential investors to evaluate the general risks described below and in the fund prospectus on our website www.lyxoretf.com

Capital at risk

ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Underlying index. Investors’ capital is fully at risk and investors may not get back the amount originally invested.

Replication risk

The fund objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication.

Counterparty risk

With synthetic ETFs, investors are exposed to risks resulting from the use of an OTC swap with Société Générale. In-line with UCITS guidelines, the exposure to Société Générale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk if they use a securities lending programme.

Concentration risk

Smart Beta ETFs select stocks or bonds for their portfolio from the original benchmark index. Where selection rules are extensive, it can lead to a more

concentrated portfolio where risk is spread over fewer stocks than the original benchmark.

Underlying risk

The Underlying index of a Lyxor ETF may be complex and volatile. For example, when investing in commodities, the Underlying index is calculated with reference to commodity futures contracts exposing the investor to a liquidity risk linked to costs such as cost of carry and transportation. ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks.

Currency risk

ETFs may be exposed to currency risk if the ETF is denominated in a currency different to that of the Underlying index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

Liquidity risk

Liquidity is provided by registered market-makers on the respective stock exchange where the ETF is listed, including Société Générale. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the Underlying index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, or other market-maker systems; or an abnormal trading situation or event.

This communication is exclusively directed and availableto Institutional Investors as defined by the 2004/39/ECDirective on markets in financial instruments acting for theirown account and categorised as eligible counterparties orprofessional clients. This communication is not directed atretail clients. 

This document is issued in the UK by Lyxor AssetManagement UK LLP, which is authorized and regulated bythe Financial Conduct Authority in the UK under RegistrationNumber 435658.

 Some of the funds described in this brochure are investmentcompanies with Variable Capital (SICAV) incorporated underLuxembourg Law, listed on the official list of Undertakingsfor Collective Investment, authorised under Part I of theLuxembourg Law of 17th December 2010 (the “2010 Law”)on Undertakings for Collective Investment in accordancewith provisions of the Directive 2009/65/EC (the “2009Directive”) and subject to the supervision of the Commissionde Surveillance du Secteur Financier (CSSF). 

These funds are sub-funds of either Multi Units Luxembourgor Lyxor Index Fund and have been approved by the CSSF.Alternatively, some of the funds described in this documentare sub-funds of Multi Units France a French SICAVincorporated under the French Law and approved by theFrench Autorité des marchés financiers. Each fund complieswith the UCITS Directive (2009/65/CE), and has beenapproved by the French Autorité des marchés financiers.Société Générale and Lyxor AM recommend that investorsread carefully the “risk factors” section of the product’sprospectus and Key Investor Information Document (KIID).The prospectus and the KIID are available in French on thewebsite of the AMF (www.amf-france.org). The prospectusin English and the KIID in the relevant local language (forall the countries referred to, in this document as a countryin which a public offer of the product is authorised) areavailable free of charge on lyxoretf.com or upon request toclient-services-etf@lyxor.com

 The products are the object of market-making contracts, thepurpose of which is to ensure the liquidity of the productson NYSE Euronext Paris, Deutsche Boerse (Xetra) andthe London Stock Exchange, assuming normal marketconditions and normally functioning computer systems.Units of a specific UCITS ETF managed by an assetmanager and purchased on the secondary market cannotusually be sold directly back to the asset manager itself.Investors must buy and sell units on a secondary marketwith the assistance of an intermediary (e.g. a stockbroker)and may incur fees for doing so. In addition, investors maypay more than the current net asset value when buying unitsand may receive less than the current net asset value whenselling them. 

Updated composition of the product’s investment portfoliois available on www. lyxoretf.com. In addition, the indicativenet asset value is published on the Reuters and Bloombergpages of the product, and might also be mentioned onthe websites of the stock exchanges where the productis listed. Prior to investing in the product, investors shouldseek independent financial, tax, accounting and legal

advice. It is each investor’s responsibility to ascertain thatit is authorised to subscribe, or invest into this product.This document together with the prospectus and/or moregenerally any information or documents with respect to orin connection with the Fund does not constitute an offerfor sale or solicitation of an offer for sale in any jurisdiction(i) in which such offer or solicitation is not authorized, (ii) inwhich the person making such offer or solicitation is notqualified to do so, or (iii) to any person to whom it is unlawfulto make such offer or solicitation. In addition, the sharesare not registered under the U.S Securities Act of 1933 andmay not be directly or indirectly offered or sold in the UnitedStates (including its territories or possessions) or to or forthe benefit of a U.S Person (being a “United State Person”within the meaning of Regulation S under the SecuritiesAct of 1933 of the United States, as amended, and/or anyperson not included in the definition of “Non-United StatesPerson” within the meaning of Section 4.7 (a) (1) (iv) of therules of the U.S. Commodity Futures Trading Commission).No U.S federal or state securities commission has reviewedor approved this document and more generally anydocuments with respect to or in connection with the fund.Any representationto the contrary is a criminal offence.

 This document is of a commercial nature and not of aregulatory nature. This document does not constitutean offer, or an invitation to make an offer, from SociétéGénérale, Lyxor Asset Management (together with itsaffiliates, Lyxor AM) or any of their respective subsidiaries topurchase or sell the product referred to herein. 

These funds include a risk of capital loss. The redemptionvalue of this fund may be less than the amount initiallyinvested. The value of this fund can go down as well as upand the return upon the investment will therefore necessarilybe variable. In a worst case scenario, investors couldsustain the loss of their entire investment.

 This document is confidential and may be neithercommunicated to any third party (with the exception ofexternal advisors on the condition that they themselvesrespect this confidentiality undertaking) nor copied in wholeor in part, without the prior written consent of Lyxor AMor Société Générale. The obtaining of the tax advantagesor treatments defined in this document (as the case maybe) depends on each investor’s particular tax status, thejurisdiction from which it invests as well as applicablelaws. This tax treatment can be modified at any time.We recommend to investors who wish to obtain furtherinformation on their tax status that they seek assistancefrom their tax advisor. The attention of the investor is drawnto the fact that the net asset value stated in this document(as the case may be) cannot be used as a basis forsubscriptions and/or redemptions. The market informationdisplayed in this document is based on data at a givenmoment and may change from time to time.

 Authorizations: Lyxor International Asset Management(Lyxor AM) is a French management company authorized bythe Autorité des marchés financiers and placed under theregulations of the UCITS (2009/65/EC) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution(bank) authorised by the Autorité de contrôle prudentiel etde résolution (the French Prudential Control Authority.

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